10E+W+S–
(1)A corporation shall keep proper accounts and other records in relation to them.
(2)The accounts and records shall show, in respect of the financial year to which they relate, a true and fair view of the corporation’s activities.
(3)A corporation shall prepare in respect of each financial year a statement of accounts complying with any requirement which the Secretary of State has (with the Treasury’s consent) notified in writing to the corporation relating to—
(a)the information to be contained in the statement;
(b)the manner in which the information is to be presented; and
(c)the methods and principles according to which the statement is to be prepared.
(4)Subject to any requirement notified to be corporation under sub-paragraph (3) above, in preparing any statement of accounts in accordance with that sub-paragraph the corporation shall follow, with respect to each of the matters specified in paragraphs (a) to (c) of that sub-paragraph, such course as may for the time being be approved by the Secretary of State with the Treasury’s consent.